Author: Muindi

Coca-Cola announced a significant investment of Sh23 billion ($175 million) in Kenya over the next five years.  This strategic move follows a meeting between President Ruto and Coca-Cola executives in Atlanta. I welcome @CocaCola’s substantial investment to expand its operations in Kenya. This undertaking underscores the company’s enduring commitment to the growth and development of our region. I am excited about the promising future and the myriad possibilities that lie ahead!… pic.twitter.com/txfUNCd61L — CS Rebecca Miano, EGH (@rebecca_miano) May 22, 2024 “This investment is aimed at accelerating the Coca-Cola system’s capacity and capability expansion over the next five years. Our decision to invest underscores…

Lipton Kenya has withdrawn its offer to buy remaining shares in Limuru Tea as another firm expresses interest. According to the notice, upon successful completion of the transaction described therein (the Transaction), UAE-based firm, B Commodities ME (FZE), will indirectly acquire effective control and a beneficial shareholding of 51.99% of Limuru Tea.  Completion of the Transaction is subject to obtaining approvals from certain regulatory authorities. The Capital Markets Authority (CMA) has approved Lipton Teas and Infusions Kenya Plc’s request to withdraw its offer to acquire the remaining shares of Limuru Tea Plc.  Lipton Kenya currently holds 51.99% of Limuru Tea’s…

Kenya’s Central Bank (CBK) has granted additional regulatory approval to LemFi, a remittance service provider, in partnership with Flex Money Transfer. This approval allows LemFi to expand its operations by partnering with local Kenyan firms. LemFi, operated by RightCard, initially launched in Kenya in June 2023. They target Kenyans living abroad, particularly in the US, UK, and Canada, who can use LemFi’s mobile app to send money directly to M-Pesa accounts in Kenya.

Kenya’s export earnings surged by 15.4% in 2023, reaching a record-breaking KSh1 trillion for the first time.  Data from the 2024 Economic Survey shows that tea, Kenya’s leading export earner, brought in Sh188.7 billion. Horticulture followed closely behind, contributing Sh187.4 billion.  Apparel and clothing (Sh45.5 billion), coffee (Sh34.6 billion), and iron and steel (Sh32.3 billion) also played significant roles in this export boom, showcasing the country’s increasingly diversified export base. Import Growth Outpaced by Exports While imports grew moderately by 4.9% to Sh2.6 trillion, the export growth outpaced this increase resulting in a slightly narrower trade deficit of Sh1.6 trillion compared to Sh1.62…

Kenya’s shilling continues to demonstrate resilience amidst global economic uncertainties according to the Central Bank of Kenya (CBK). The Kenyan shilling strengthened by 0.4 per cent against the US dollar compared to the beginning of May. (KSh 130.48 per USD on May 16th vs. KSh 131.25 on May 9th). The appreciation has been attributed to strong foreign exchange reserves maintained at USD 7.13 billion (covering 3.8 months of imports).  “The usable foreign exchange reserves remained adequate at USD 7,130 million (3.8 months of import cover) as of May 16. This meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover,”  the CBK said in its weekly bulletin. On a year-to-date basis,…

Virgin Limited Edition, a luxury hospitality collection by Virgin Group, has announced the addition of Finch Hattons Luxury Safari Camp in Kenya.  This marks the ninth property for the brand globally and strengthens its presence in Africa. “Africa is one of my favourite parts of the world. Each cornerstone offers something entirely unique, surrounded by rich heritage and culture. I’m delighted Finch Hattons and all of the incredible wildlife in the Tsavo National Park will join our Virgin Family and I can’t wait to visit soon,” Richard Branson said. Family-Run Gem Joins Prestigious Collection Located in Tsavo National Park, Finch Hattons is a family-owned tented safari camp known for its focus on family…